Research from rental portal, Rentd, looked at current London rental market values and found that the average cost of renting across boroughs north of the Thames currently stands at £1,625 per month, 1.8% more than the wider London average of £1,597.
Setting your sites on a south London rental is more affordable, with the average cost across boroughs to the south of the Thames coming in at just £1,496 per month. Not only is this -6.3% below the London average, but it’s -8% more affordable than the cost of renting north of the river.
However, tenants keen to keep their options open could save on renting simply by hopping the Thames between boroughs straddling the river bank.
A move from Kensington and Chelsea to Wandsworth would result in a saving of £810 per month, while Westminster to Lambeth would see tenants save £797 per month in rental costs.
Opting for Lewisham over Tower Hamlets would also see you save £299 per month in rental costs but it’s not just a north to south move across the Thames that could reduce this monthly outgoing.
At £1,227 per month, Barking and Dagenham is £217 per month more affordable than renting in Greenwich, while opting for Hounslow over Richmond would bring a monthly saving of £390 per month.
Ahmed Gamal, Founder and CEO of Rentd, commented: “The London rental market is notoriously expensive and we’re currently seeing this cost of living being squeezed across all areas of the home, not just the cost of renting. So for many tenants, it’s a matter of living where they can afford as opposed to where they might actually want to be.
"However, finding a greater level of affordability doesn’t necessarily mean looking to the outskirts of the capital and, in fact, you can considerably reduce your rental outgoings simply by hopping the river from one bank to the other.
"While south London is generally home to a lower cost of renting there are pockets of affordability to be found throughout the London market and now has never been a better time to find them as rents are yet to return to their pre-pandemic highs.
"Of course, this won’t remain the case forever and so it’s always important to consider whether or not you can afford an increase in the cost of renting further down the line if you are looking to lay long term foundations in the London market.”
